Our recent live Reward Revolution event proved to be a resounding success, and we’ve had lots of great feedback from participants since. Couldn’t be with us on the day? Well fret not – we’ve got you covered! You can watch the full 30 minutes Reward Revolution video below or read our comprehensive research report here.
Reward Marketing is evolving and our ground-breaking research, detailed in our webinar and report, sheds light into the trends that promise to shape the rewarding landscape over the coming years. Our extensive research covers:
- Understanding Generational Dynamics: Discover how different generations engage with rewards across diverse territories, providing valuable insights into customer behavior.
- Cutting-edge Reward Selection: Gain insights into our innovative, data-driven approach for impactful reward selection, ensuring that your rewards resonate effectively.
- Our expanded Global 2024 Reward Catalog: Learn how we’ve expanded and diversified our global rewards offering to meet diverse market needs and preferences.
- Industry-specific Expert Insights: Tap into industry-specific insights from our seasoned experts, offering invaluable knowledge and strategies to maximize the potential of reward marketing.
Let’s look at some of the surprising takeaways you can expect the report to highlight. Firstly, people refer… a lot. An overwhelming 95% of people have engaged in referral programs, recommending brands, products, or services to friends within the last year. And how many referral invitations do people receive? Well, most people receive two to five referral invitations per year. This signifies that, whether sending or receiving, referrals are a staple in consumer behavior, highlighting their essential place in the marketing strategies of businesses.
So people are referring. But, is it hitting home and resulting in real conversions? The data says yes. In fact, 95% of people have guided their friends to make at least one transaction the past year. Boomers, while fewer in numbers, typically make one successful referral annually, similar to Millennials, with a maximum of five. In contrast, it’s rare for Gen Z to make just one referral in a given year, and they are much more likely to make more than one successful one, showcasing their consistent engagement in referral activities.
We know that people are referring successfully, but which rewards are driving this behaviour and which rewards have they come to expect? There are a number of ways to look at reward values, as a percentage of lifetime value, basket size, or relative to one product price. Our research delves into how to value rewards, whether they be cash, discounts, or gift cards, and which rewards are most conducive to conversions and meeting customer expectations. And of course, this is broken down across generation and territory. For example, here’s a visual representation of the most popular brands people cited as their choice of gift card – in all countries, across all ages.
To learn more, delve deeper into the full report here.
If you’ve any questions about the results of our research or are planning on implementing a reward marketing strategy, then get in touch, we’d be happy to share what we’ve learned from working with over 350 leading brands worldwide.